What is the time limit for investing the capital gains on sold residential property in a new property?

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• Can exemption can be claimed u/s 54 and 54F when capital gains from transfer of multiple properties are invested in a single residential property?

  If other conditions as regards time limit etc. are fulfilled, exemption under section 54 is allowable where capital gains arising from sale of two residential houses are invested in a single residential house.

• How can I claim relief in case of selling a residential property to buy another residential property?

  Under section 54, any long-term capital gain arising to an individual or an HUF on sale of a residential property shall be exempt if the capital gains are invested in another residential property. The property sold can be self-occupied or rented.

• How should I file my taxes for the year in which I have sold the property, if I have two more years to invest the proceeds for claiming exemption u/s54?

  The capital gains arising from the sale of property is taxable in the year that it was sold. Hence you would have to take the decision of investing in the new property before you file taxes for that assessment year, else the capital gain would become ...

• What will be the tax treatment if I sell the new property within three years of its purchase?

  If the new property is sold within three years from the date of acquisition the, for calculating the capital gains, the cost of acquisition of this new property will be reduced by the amount of capital gain on which the exemption was claimed earlier. ...

• What is Capital Gains Account Scheme?

  If you have a profit from sale of a residential house and you have not invested these profits in another asset before due date of filing return, then such an amount of capital gains needs to be deposited in the Capital Gains Account Scheme before due ...